Titan Energy Worldwide Releases Preliminary 2009 Financial Results
Company Achieves Record Revenues of $10.6 Million, an Increase of 35% From 2008
Titan Management Anticipates Sales Revenues to Double in 2010 and the Company to Be Cash Flow Positive by 2nd Quarter 2010.
MINNEAPOLIS, MN--(Marketwire - 02/04/10) - Titan Energy Worldwide, Inc. (OTC.BB:TEWI - News), a leader in distributed power generation products and intelligent energy management services, released today preliminary unaudited year end financial results for 2009. Management reported a company record $10.6 million in annual sales for 2009, an increase of more than 35% compared to 2008. Equipment sales in 2009 increased by approximately 33% over 2008, while sales of service contracts increased 40% in 2009. The Company also reported a decrease in operational expenses resulting in lower operational losses in 2009. The final audited financial statements will be published in the Company's 2009 10K Annual Report on or before March 31, 2010. Copies of this report will be available on the Company's web site at www.titanenergy.com and at www.sec.gov.
"Titan Energy performed very strongly in all areas in 2009. We were able to post record sales, show a significant increase in our service contracts, improve our gross margins, and make significant cuts in our operating expenditures. The entire Titan Energy team is to be congratulated on contributing to a record year. This performance has set the foundation for even stronger growth in 2010," said Jeffrey Flannery, Titan Energy's Chief Executive Officer.
"I believe 2010 will be another landmark year for Titan Energy as we double our sales revenues and become cash flow positive by the second quarter. Based on the current financial data and management's current plans and assumptions, the Company expects fiscal 2010 revenue to be in the range of $17 million to $25 million. Our growth strategy includes bringing on as many as six new subdealers into our Midwest territories, an effort which could double our equipment sales in this region alone. We will be expanding our operations in Florida to take advantage of that large market including the Caribbean, and the tremendous need for reliable back-up power in the region. We are rolling out aggressive sales programs in the New York/New Jersey region which will include industrial and commercial solar power installations," added Mr. Flannery.
"We are also launching new programs that will greatly expand our capabilities in the energy management and efficiency industries. Billions of dollars are being committed by government and regulatory entities to enable companies and institutions to meet new energy efficiency standards. With our expertise in energy management technologies, our growing geographical footprint, our strong relationships with equipment manufacturers and long standing relationships with major utilities, Titan Energy is uniquely positioned to benefit from these national and regional initiatives. In fact we have already begun to provide energy audits for utility customers in the Midwest and are rolling out new energy efficiency programs designed to help utilities reduce energy usage and customers reduce their energy bills.
"The result is that 2010 will be a very exciting year for Titan Energy. We have grown to 7 offices covering 12 states, servicing a growing base of more than 1,000 customers across the United States. The opportunities for growth in the energy management industry are tremendous, and I know of few companies positioned as well as Titan to be a leader in this industry," concluded Mr. Flannery.
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